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Vivmark Residential — REIT card

VMRK
ResidentialMarket cap $23.5B4-quarter TTMmerger closed Aug 1, 2026 — earlier quarters not like for like
Close · Oct 16, 202661.26P/E 26.9 · EV yield 5.9%
P/Cash FFO15.1×Cash FFO/sh 4.06
Yield · spread to 10y4.6%−0.52 pt vs. the bond
−10% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
12×17×21×26×30×2021202220232024202520262021-09-30 · 26.1× (close 80.92 · Cash FFO/sh 3.11)2021-12-31 · 28.6× (close 90.50 · Cash FFO/sh 3.16)2022-03-31 · 27.5× (close 89.92 · Cash FFO/sh 3.27)2022-06-30 · 21.0× (close 72.22 · Cash FFO/sh 3.45)2022-09-30 · 18.7× (close 67.22 · Cash FFO/sh 3.59)2022-12-31 · 15.3× (close 59.00 · Cash FFO/sh 3.86)2023-03-31 · 15.2× (close 60.00 · Cash FFO/sh 3.94)2023-06-30 · 16.5× (close 65.97 · Cash FFO/sh 3.99)2023-09-30 · 14.6× (close 58.71 · Cash FFO/sh 4.03)2023-12-31 · 15.6× (close 61.16 · Cash FFO/sh 3.92)2024-03-31 · 16.1× (close 63.11 · Cash FFO/sh 3.92)2024-06-30 · 17.6× (close 69.34 · Cash FFO/sh 3.93)2024-09-30 · 19.0× (close 74.46 · Cash FFO/sh 3.92)2024-12-31 · 18.3× (close 71.76 · Cash FFO/sh 3.92)2025-03-31 · 17.8× (close 71.58 · Cash FFO/sh 4.02)2025-06-30 · 16.7× (close 67.49 · Cash FFO/sh 4.05)2025-09-30 · 15.8× (close 64.73 · Cash FFO/sh 4.10)2025-12-31 · 15.3× (close 63.04 · Cash FFO/sh 4.12)2026-03-31 · 14.5× (close 59.15 · Cash FFO/sh 4.08)2026-06-30 · 16.7× (close 67.93 · Cash FFO/sh 4.06)p75 19×med 17×p25 16×now 15.1×
Five-year median 16.7×, middle half 15.5–18.8×, range 14.5–28.6×. Now 15.1×: −10% below its own median, higher than 10% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
0123Revenue: 3.1 $B3.1RevenueProperty & operating: −1.2 $B−1.2Property &operatingEBITDA: 1.9 $B1.9EBITDAInterest: −0.3 $B−0.3InterestD&A: −1.0 $B−1.0D&AOther items: 0.3 $B0.3OtheritemsNet income: 0.9 $B0.9NetincomeAdd back D&A: 1.0 $B1.0Add backD&ANon- cash: −0.3 $B−0.3Non-cashCash FFO: 1.6 $B1.6CashFFODividends: −1.1 $B−1.1DividendsRetained: 0.5 $B0.5Retained
Cash FFO 1.56B = net income 0.88B + depreciation 1.01B − 0.32B other non-cash items · dividends 1.07B · retained 0.48B

Against its type

VMRK (blue) vs. the other Residential REITs on the board (4), grey
P/Cash FFO15.1× vs. 15.3×
Dividend yield4.6% vs. 4.3%
Cash FFO payout69% vs. 65%
Net debt / EBITDA4.5× vs. 4.8×
Interest cover5.8× vs. 5.5×
EBITDA margin60% vs. 56%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.79
Cash FFO / share, quarter1.02
EBITDA margin59%
Interest cover5.5×